UK 'seeks Chinese broadband investment'
Chinese companies are being urged to invest in the UK's broadband networks.
The UK government is bolstering its attempts to persuade Chinese organisations to invest in British broadband networks and other vital infrastructure.
Paul Deighton, Britain's Commercial Secretary to the Treasury, told the South China Morning Post that the Conservative-led coalition is promoting steady returns and cut-price tax rates, with corporation tax to be reduced to 20 per cent from the current level of 23 per cent.
It is hoped that these steps will ease reliance on the UK's construction sector, which is struggling as the country battles to avoid a triple-dip recession.
Mr Deighton explained that the 20 per cent corporation tax rate is the lowest of any G20 nation. "[This is] sending a clear message to foreign investors who are interested in modernising our economic and digital infrastructure projects, including power stations and [the] broadband network," he said.
One Chinese company to commit to an investment in British broadband infrastructure is Huawei, which announced last September that it will spend a total of £1.3 billion in the UK by 2017.
The organisation has already made a substantial contribution to the country's broadband strategy and the rollout of high-speed fixed and mobile connectivity.
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